AI-generated summary, reviewed by Better Utah staff.

HB0449 creates a sweeping new framework for government taxing and spending in Utah, contingent on voters approving a related constitutional amendment. Under the bill, most tax increases — at both the state and local level — would require voter approval before taking effect, and government entities would be prohibited from spending more revenue in a given year than a set limit calculated from prior-year spending and population or inflation growth. Any revenue collected above that limit must be refunded to taxpayers. The bill also eliminates automatic tax increases (such as those tied to inflation adjustments), exempts certain business personal property from property taxes, and changes how residential property is assessed by requiring the sales comparison method. If voters approve the constitutional amendment this bill depends on, local governments and school districts would face significant new constraints on their ability to raise and spend money, potentially limiting funding for public services unless they can successfully run ballot measures to override the spending cap.